NYMEX HO (M20): Short-Term Bulls Still....>

OIL TECHS: NYMEX HO (M20): Short-Term Bulls Still In Charge

*RES 4: $0.9507 - Low Apr 1

*RES 3: $0.9496 - High Apr 21

*RES 2: $0.8888 - 20-day EMA and a key resistance area

*RES 1: $0.8677 - High Apr 30

*PRICE: $0.8265 @ 09:24 GMT May 1

*SUP 1: $0.7800 - Low Apr 30

*SUP 2: $0.7033 - Low Apr 29

*SUP 3: $0.6724 - Low Apr 28 and key support

*SUP 4: $0.6000 - Round number support

HO has recovered off the lows earlier this week and has established a S/T

corrective theme. The recovery off Tuesday's low of $0.6724 has resulted in a

probe of the key near-term resistance at $0.8632, Apr 23 high, paving the way

for a move towards $0.8888, the 20-day EMA. A convincing break of the average is

required to suggest scope for a stronger bounce. On the downside, initial

support is at yesterday's low of $0.7800. Major support lies at $0.6724.